Page 86 - DMGT304_EVENT_MANAGEMENT

Unit 4: Marketing and Promotion of the Event

The second factor is the perceived competition from similar events. If your event ticket costs $ Notes
100 and does not offer the same perceived value as a similar event selling for $ 50, your prospective
guests are more likely to select the latter event. Therefore, you must be price-competitive.
Becoming price-competitive does not mean lowering your ticket price. Rather, it may require
raising the perception of value (as discussed earlier) to justify the slightly higher price.
These two factors—the cost of doing business and the marketplace competition—certainly
influence price. A third area that may also influence price is the general economic conditions,
not only in your area, but also the region, your country, and increasingly, the world. During
times of recession, some events with lower ticket prices will flourish while other upscale-event
products may not be as successful. Keep a close eye on market economic indicators to make
certain that your price matches the purchasing power of your target market.

Did u know? The price must reflect the cost of all goods and services required to produce
the event plus a margin of profit or retained earnings.

4.4.4 Public Relations

Advertising is what you say about your event, whereas public relations is what others (or that
perception) are saying about your event. Since many events require a second-party endorsement
or even review to encourage people to attend, public relations is significantly more valuable
and effective than traditional advertising.

In the 1930s and 1940s public relations consisted primarily of press agents who worked diligently
to convince the print media to devote editorial space to their clients. With the influence of
leaders such as Edward Bernays, the public relations effort soon became more complex and
respected. Bernays recognized the psychological factors that govern a person’s decision-making
ability. Therefore, he advocated that public relations professionals first engage in research,
including focus groups, to determine the values, attitudes, and lifestyles of their target markets
and carefully match their messages to these important factors.
Today, in many event marketing campaigns, public relations is at least equal to and in many
cases, even more important than traditional advertising. However, public relations involve
much more than merely grinding out a short press release.
The effective event public relations campaign will involve research with event consumers as
well as the media; the development of collateral materials such as media kits, fact sheets, and
other tangibles; the organization and implementation of media conferences; the development
of a speaker’s bureau; and on-site media relations assistance at the event.
Event public relations help create the overall impression that others will develop about your event.
In that regard it is significantly more valuable than advertising because it implies greater credibility.
Use the power of public relations to beat the drum loudly for your event. Carefully select those
public relations tools that will most effectively and cost efficiently help you inform and persuade
others to support your event.

4.4.5 Place

In real estate, location is everything. In event marketing, distribution of your product may be
everything as well. The location of your event often determines the channels of distribution. If
your event is located in a rural area, not only may it be difficult to promote the event due to
limited media resources, but it may also be difficult for your target market to make the purchase
due to logistical restraints.

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